Laws and regulations


The main preventive law in the AML/CFT area is the Law on the Prevention of Money Laundering and the Financing of Terrorism (Official Gazette of RS, Nos. 113/17 and 91/19, AML/CFT Law) which also establishes the Administration for the Prevention of Money Laundering (APML) that serves as the financial intelligence unit (FIU) of the Republic of Serbia. The AML/CFT Law lays down customer due diligence (CDD) obligations that the obliged entities listed in the AML/CFT Law are required to apply when establishing and during the course of a business relationship. It also sets out the responsibilities and powers of the APML and those of other authorities when implementing this law. The AML/CFT Law also identifies the supervisory authorities which are examining compliance with this law by obliged entities, and stipulates sanctions for failure to comply.

One of the most important APML’s prevention-related responsibilities (Article 84) is to monitor the implementation of the AML/CFT Law and take actions and measures within its competence to remove the observed irregularities. APML takes part in preparing the concept paper for improving the AML/CFT legislative framework. It also drafts and provides opinions on the application of the AML/CFT Law and related regulations in order to ensure their uniform application.
APML has a key role in developing f the list of indicators for recognizing transactions and persons with respect to which there are grounds to suspect money laundering or terrorism financing.

One of the key pieces of legislation applied by the APML is the Law on Freezing of Assets with the Aim of Preventing Terrorism and Proliferation of Weapons of Mass Destruction. It lays down, for the purpose of preventing terrorism and proliferation of WMD, actions and measures for freezing of assets of designated persons; the competences of state authorities concerning the application of these measures, and rights and obligations of natural and legal persons under this Law. APML has a major role in the process of implementing UN Security Council lists of designated persons, passing the domestic list of terrorists, freezing of their assets and supervision of compliance with this law.

Being an administrative authority under the Ministry of Finance, the APML applies various laws, including the Law on Privatisation under which the APML is to confirm there are no obstacles on the purchaser’s side in the process of acquisition of companies in privatisation, and the Law Ratifying the Serbia - US Inter-Governmental Agreement on FATCA implementation in Serbia.

 

 

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AML/CFT Law
Opinions
Indicators
Targeted financial sanctions
FATCA